USDJPY, Waiting to turn down from 110.40

Daily chart: the pair almost reached Bollinger’s top lane (110.40), and will likely get another turn down. This is indicated by the long sidewall within the Bollinger envelopes, and the extremely passive ADX.

N4: local bullish potential remains, but the market has signs of overbought. The resistance in the 110.40 zone looks very powerful here, which also speaks in favor of turning down.

N1 : extreme pressure on the hour chart makes you think about growth above 110.40. But, based on the state of the daytime timeframe, we risk assuming that the bulls will not be able to gain a foothold above this zone.

Conclusions: turn down from 110.40.

Trading solutions : sales from the 110.40 area.

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